{"id":41317,"date":"2015-06-02T14:27:52","date_gmt":"2015-06-02T18:27:52","guid":{"rendered":"http:\/\/therationalprogressive.com\/cms\/?p=41317"},"modified":"2015-06-02T14:29:58","modified_gmt":"2015-06-02T18:29:58","slug":"fossil-fuels-subsidised-by-10m-a-minute-says-imf","status":"publish","type":"post","link":"http:\/\/therationalprogressive.com\/cms\/2015\/06\/fossil-fuels-subsidised-by-10m-a-minute-says-imf\/","title":{"rendered":"Fossil fuels subsidised by $10m a minute, says IMF"},"content":{"rendered":"<blockquote><p><a href=\"http:\/\/www.theguardian.com\/environment\/2015\/may\/18\/fossil-fuel-companies-getting-10m-a-minute-in-subsidies-says-imf\"><img decoding=\"async\" class=\"alignnone size-full\" src=\"http:\/\/therationalprogressive.com\/cms\/wp-content\/uploads\/2015\/06\/Fracking-In-California-Un-003.jpg\" alt=\"\" \/><\/a><\/p><\/blockquote>\n<blockquote><p>Fossil fuel companies are benefitting from global subsidies of $5.3tn (\u00a33.4tn) a year, equivalent to $10m a minute every day, according to a startling new estimate by the International Monetary Fund.The IMF calls the revelation \u201cshocking\u201d and says the figure is an \u201cextremely robust\u201d estimate of the true cost of fossil fuels. The $5.3tn subsidy estimated for 2015 is greater than the total health spending of all the world\u2019s governments.The vast sum is largely due to polluters not paying the costs imposed on governments by the burning of coal, oil and gas. These include the harm caused to local populations by air pollution as well as to people across the globe affected by the floods, droughts and storms being driven by climate change.US taxpayers subsidising world&#8217;s biggest fossil fuel companies Read moreNicholas Stern, an eminent climate economist at the London School of Economics, said: \u201cThis very important analysis shatters the myth that fossil fuels are cheap by showing just how huge their real costs are. There is no justification for these enormous subsidies for fossil fuels, which distort markets and damages economies, particularly in poorer countries.\u201dLord Stern said that even the IMF\u2019s vast subsidy figure was a significant underestimate: \u201cA more complete estimate of the costs due to climate change would show the implicit subsidies for fossil fuels are much bigger even than this report suggests.\u201d<\/p><\/blockquote>\n<p>Source: <em><a href=\"http:\/\/www.theguardian.com\/environment\/2015\/may\/18\/fossil-fuel-companies-getting-10m-a-minute-in-subsidies-says-imf\" target=\"_blank\">Fossil fuels subsidised by $10m a minute, says IMF | Environment | The Guardian<\/a><\/em><\/p>\n<hr \/>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Fossil fuel companies are benefitting from global subsidies of $5.3tn (\u00a33.4tn) a year, equivalent to $10m a minute every day, according to a startling new estimate by the International Monetary Fund.The IMF calls the revelation \u201cshocking\u201d and says the figure is an \u201cextremely robust\u201d estimate of the true cost of fossil fuels. The $5.3tn subsidy&#8230;<\/p>\n","protected":false},"author":2,"featured_media":41318,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[111,22,18],"tags":[1823,1822,990,87],"_links":{"self":[{"href":"http:\/\/therationalprogressive.com\/cms\/wp-json\/wp\/v2\/posts\/41317"}],"collection":[{"href":"http:\/\/therationalprogressive.com\/cms\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/therationalprogressive.com\/cms\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/therationalprogressive.com\/cms\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"http:\/\/therationalprogressive.com\/cms\/wp-json\/wp\/v2\/comments?post=41317"}],"version-history":[{"count":2,"href":"http:\/\/therationalprogressive.com\/cms\/wp-json\/wp\/v2\/posts\/41317\/revisions"}],"predecessor-version":[{"id":41320,"href":"http:\/\/therationalprogressive.com\/cms\/wp-json\/wp\/v2\/posts\/41317\/revisions\/41320"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/therationalprogressive.com\/cms\/wp-json\/wp\/v2\/media\/41318"}],"wp:attachment":[{"href":"http:\/\/therationalprogressive.com\/cms\/wp-json\/wp\/v2\/media?parent=41317"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/therationalprogressive.com\/cms\/wp-json\/wp\/v2\/categories?post=41317"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/therationalprogressive.com\/cms\/wp-json\/wp\/v2\/tags?post=41317"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}